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The effects of hospitalization on the income of the working American population

The effects of hospitalization on the income of the working American population.
For the American working population, one falling sick might have some dire consequences in the aspect of their household income. In an article published on http://www.nytimes.com/pages/health/nutrition/, the research explained in detail how sickness and injury would affect one’s income contrary to medical expenses. Despite the fact that most people are of the opinion that insurance covers would take care of things, the sad truth is that there is more than what meets the eye. Amy Finkelstein is a researcher and an economist at M.I.T, and the research she conducted and published in The American Economic Review indicates health insurances did not provide a cushion enough for the economic risk that one faces due to illness or injury. The research conducted mainly focused on the people that were hospitalized for disease such as strokes and heart conditions excluding childbirth. Hospitalization can be an expensive circumstance, and health insurance covers have played a significant role to enhance the financial security of those affected. Obamacare is an example of insurance covers that have benefited low-income people as there are indications of less collection in medical debts and bills. However in the new research conducted, insurance covers only took care of the medical expenses and those covered and those not included alike still faced the risk of a decline in income. The study indicated that most of the people were declared bankrupt after hospitalization due to the reduced capability to work or most did not get back to work at all. There is an undying need for the employers in the United States to offer insurance covers that handle sick leave, and wages to prevent further costs incurred by the working American. The research conducted also indicated that the drop in income margins was much less to those who were hospitalized after retirement compared to their younger counterparts. Another point of reference for the decline in household income is the credit reports where people over the age of 24 that were hospitalized significantly cut down their overall spending. This limitation in spending could be an indication that there was a risk of bankruptcy and a decline in income.

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